WP’s take:
The subprime mortgage crisis is an ongoing financial crisis
characterized by contracted liquidity in global credit markets and
banking systems triggered by the failure of mortgage companies,
investment firms and government sponsored enterprises which had
invested heavily in subprime mortgages. The crisis, which has roots in
the closing years of the 20th century but has become more apparent
throughout 2007 and 2008, has passed through various stages exposing
pervasive weaknesses in the global financial system and regulatory
framework.
The crisis began with the bursting of the United States housing
bubble[1][2] and high default rates on "subprime" and
adjustable rate mortgages (ARM), beginning in approximately 2005–2006.
For a number of years prior to that, declining lending standards, an
increase in loan incentives such as easy initial terms, and a
long-term trend of rising housing prices had encouraged borrowers to
assume difficult mortgages in the belief they would be able to quickly
refinance at more favorable terms. However, once interest rates began
to rise and housing prices started to drop moderately in 2006–2007 in
many parts of the U.S., refinancing became more difficult.
Posted 14 minutes ago.
adelapace, tapatim [-----------], static416, GEDCO, and 18 other people added this photo to their favorites.
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static416 55 months ago | reply
Hey, I used this shot in my blog post here:
laconicreply.wordpress.com/2008/11/04/turns-out-im-not-rich/
In keeping with creative commons I linked to this page, and your profile for accreditation.
Let me know if that's cool, or if you'd like it removed.
Thanks
Eric
ivanpw 45 months ago | reply
Hi - I use your photo for my blog post about multi-unit franchising.
Thanks for releasing this on CC!
benhing7 28 months ago | reply
Hi, this is my first time sign in to Flickr. I saw some of your nice photos which is which i like it very much. Just would like to ask you about the issue of copyright. Can I use you image for my company project? It will be printed into a mural.
Can I just download and use it? What kind of info I should inform you?
Thank you very much if you can reply my message.
David Tsegai 19 months ago | reply
Thank you for sharing this photo! I used it as an illustration for the article about housing bubble causes on my Calgary real estate blog.